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95 Cards in this Set
- Front
- Back
Consumer buyer behavior
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The buying behavior of final consumers - individuals and households who buy goods and services for personal consumption.
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Consumer market
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All the individuals and households who buy or acquire goods and services for personal consumption.
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Culture
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The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
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Subculture
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A group of people with shared value systems based on common life experiences and situations.
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Social class
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Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.
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Group
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Two or more people who interact to accomplish individual or mutual goals.
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Opinion leader
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Person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts influence on other.
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Online social networks
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Online social communities - blogs, social networking Web sites, or even virtual worlds - where people socialize or exchange information and opinions.
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Lifestyle
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A person's pattern of living as expressed in his or her activities, interests, and opinions.
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Motive (drive)
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A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
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Perception
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The process by which people select, organize, and interpret information to form a meaningful picture of the world.
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Learning
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Changes in an individual's behavior arising from experience.
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Belief
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A descriptive thought that a person holds about something.
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Attitude
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A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
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Cognitive dissonance
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Buyer discomfort caused by post-purchase conflict.
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New product
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A good, service, or idea that is perceived by some potential customers as new.
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Adoption process
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The mental process through which an individual passes from first hearing about an innovation to final adoption.
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Business buyer behavior
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The buying behavior or the organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.
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Derived demand
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Business demand that ultimately comes from (derives from) the demand for consumer goods.
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Straight rebuy
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A business buying situation in which the buyer routinely reorders something without any modifications.
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Modified rebuy
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A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.
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New task
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A business buying situation in which the buyer purchases a product or service for the first time.
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Systems selling (or solutions selling)
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Selling a complete solution to a problem, helping buyers to avoid all the separate decisions involved in a complex buying situation.
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Buying center
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All the individuals and units that participate in the business buying-decision process.
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Value analysis
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An approach to cost reduction in which components are studied carefully to determine if they can be redesigned, standardized, or made by less costly methods of production.
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Market segmentation
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Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
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Market targeting (targeting)
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The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
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Differentiation
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Actually differentiating the market offering to create superior customer value.
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Positioning
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Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers.
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Geographic segmentation
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Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods.
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Demographic segmentation
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Dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
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Age and life-cycle segmentation
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Dividing a market into different age and life-cycle groups.
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Gender segmentation
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Dividing a market into different groups based on gender.
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Income segmentation
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Dividing a market into different income groups.
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Psychographic segmentation
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Dividing a market into different groups based on social class, lifestyle, or personality characteristics.
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Behavioral segmentation
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Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.
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Occasion segmentation
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Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
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Benefit segmentation
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Dividing the market into groups according to the different benefits that consumers seek from the product.
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Intermarket segmentation
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Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.
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Target market
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A set of buyers sharing common needs or characteristics that the company decides to serve.
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Undifferentiated (mass) marketing
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A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
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Differentiated (segmented) marketing
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A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
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Concentrated (niche) marketing
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A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
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Micromarketing
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The practice or tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups - includes local marketing and individual marketing.
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Local marketing
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Tailoring brands and promotions to the needs and wants of local customer groups - cities, neighborhoods, and even specific stores.
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Individual marketing
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Tailoring products and marketing programs to the needs and preferences of individual customers - also labeled "markets-of-one marketing", "customized marketing", and "one-to-one marketing."
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Product position
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The way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products.
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Competitive advantage
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An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices.
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Value proposition
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The full positioning of a brand - the full mix of benefits upon which it is positioned.
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Positioning statement
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A statement that summarizes company or brand positioning - it takes this form:
To (target segment and need) our (brand) is (concept) that (point-of-difference). |
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Product
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Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
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Service
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Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
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Consumer product
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Product bought by final consumer for personal consumption.
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Convenience product
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Consumer product that customers usually buy infrequently, and with a minimum of comparison and buying effort.
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Shopping product
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Consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability, quality, price, and style.
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Specialty product
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Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
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Unsought product
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Consumer product that the consumer either does not know about or knows about but does not normally think of buying.
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Industrial product
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Product bought by individuals and organizations for further processing or for use in conducting a business.
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Social marketing
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The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society.
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Product quality
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The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
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Brand
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A name, term, sign, symbol, or design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
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Packaging
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The activities of designing and producing the container or wrapper for a product.
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Product line
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A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
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Product mix (or product portfolio)
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The set of all product lines and items that a particular seller offers for sale.
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Brand equity
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The positive differential effect that knowing the brand name has on customer response to the product or service.
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Store brand (or private brand)
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A brand created and owned by a reseller of a product or service.
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Co-branding
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The practice of using the established brand names of two different companies on the same product.
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Line extension
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Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
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Brand extension
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Extending an existing brand name to new product categories.
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Service intangibility
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A major characteristic of services - they cannot be seen, tasted, felt, heard or smelled before they are bought.
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Service inseparability
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A major characteristic of services - they are produced and consumed at the same time and cannot be separated from their providers.
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Service perishability
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A major characteristic of services - they cannot be stored for later sale or use.
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Service-profit chain
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The chain that links service firm profits with employee and customer satisfaction.
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Internal marketing
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Orienting and motivating customer-contact employees and the supporting service people to work as a team to provide customer satisfaction.
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Interactive marketing
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Training service employees in the fine art of interacting with customers to satisfy their needs.
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New-product development
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The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.
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Idea generation
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The systematic search for new-product ideas.
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Idea screening
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Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.
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Product concept
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A detailed version of the new-product idea stated in meaningful consumer terms.
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Concept testing
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Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
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Marketing strategy development
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Designing an initial marketing strategy for a new product based on the product concept.
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Business analysis
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A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.
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Product development
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Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.
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Test marketing
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The stage of new-product development in which the product and marketing program are tested in realistic market settings.
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Commercialization
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Introducing a new product into the market.
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Consumer-centered new-product development
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New-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
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Team-based new-product development
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An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.
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Product life cycle
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The course of a product's sales and profits over its lifetime.
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Style
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A basic and distinctive mode of expression.
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Fashion
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A currently accepted or popular style in a given field.
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Fad
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A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
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Introduction stage
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The product life-cycle stage in which the new product is first distributed and made available for purchase.
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Growth stage
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The product life-cycle stage in which a product's sales start climbing quickly.
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Maturity stage
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the product life-cycle stage in which sales growth slows or levels off.
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Decline stage
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The product life-cycle stage in which a product's sales decline.
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